11 interesting facts about Cyrus Pallonji Mistry
Cyrus Pallonji Mistry, 44, took over the reins of the $100 billion Tata Sons on December 28, 2012. Cyrus Mistry, the younger son of construction tycoon Pallonji Mistry and MD of Shapoorji Pallonji group, replaced Ratan Tata, who stepped down after turning 75. Mistry had joined the Tata group in 2006 as a director and has held non-executive positions on boards of several other Tata companies earlier.
This is the second time in the company’s 143-year old history that a non-Tata will head the group – Sir Nowroji Saklatwala had led the group between 1932 and 1938.
In August 2010, the group, which prides itself on being professionally run, had formed a selection committee that included Cyrus, to look for Ratan Tata’s successor. The committee initially included Mistry himself (he recused himself subsequently) after considering 14 persons selected the single largest shareholder in Tata Sons as the inheritor. The reports suggested others included Ratan Tata’s half brother Noel, 54, who many thought was a shoo-in; former Vodafone CEO Arun Sarin, 57; PepsiCo CEO Indra Nooyi, 56; Operating Partner, Clayton Dubilier & Rice, LLC, Vindi Banga, 56; Citigroup CEO Vikram Pandit, 54; with even Google’s Nikesh Arora, 43, seen as a dark horse.
“He is intelligent and qualified to take on the responsibility being offered and I will be committed to working with him over the next year to give him the exposure, the involvement and the operating experience to equip him to undertake the full responsibility of the group on my retirement,” Ratan Tata had said about Misty’s appointment.
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